Same machine/Matlab, Different Versions of Dynare/Estimation Results


I run Bayesian estimation of the Garcia-Cicco, Pancrazi, and Uribe (2010) model with dynare version 4.4.3 on Matlab 2014b, and it generates results that are close to the GPU results. However, if I use dynare version 4.5.6 on the same computer and same Matlab, it gives a very different estimation results, and are far away from the GPU results.

I also experimented with Matlab 2018b, or a different computer. The version of dynare seems to be the key to generate the different outcome. Does anyone know why?

Below is my specification of the estimation options:



It is difficult to say without running the files… We have made a lot of changes between 4.4.3 and 4.5.6. This may explain the difference. The bug fixes are visible here.


estimation with that paper is tricky. Convergence is very hard to achieve as the mode is close to the prior bounds. Thus, I am not surprised that you get different results.